A $9 billion investment contract was signed by Saudi Arabian companies on the first day of LEAP23, which started in Riyadh on Feb. 6.

Microsoft is investing $2.1 billion in a superscalar global cloud, Abdullah Alswaha of Communication and Information Technology said in a conference. On the other hand, Oracle also announced it would build a new cloud region in Riyadh for $1.5 billion. To put it another way, Saudi Arabia will benefit from these investments by becoming an even more dominant player in the digital marketplace across the entire Middle East and North Africa

At the conference, Meta made a number of important announcements which includes the establishment of the first Metaverse Academy in the Middle East and North Africa (MENA), with its headquarters in Saudi Arabia. The release of Beem was also announced, this time by STC and MENA Communication. It’s a brand-new business programme with IM, HD voice/video calling, and other useful functions. Additionally, 4.5 billion dollars were invested at the forum across multiple sectors worldwide.